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Motilal Oswal Report
Hero MotoCorp Ltd.'s Q2 operating performance was in line, while higher ‘other income' drove profit after tax beat. During the initial 17 days of the festive season, Hero MotoCorp experienced a volume growth of ~15% YoY, driven by the resurgence in rural demand.
The order back log for Harley Davidson X440 stands at ~25,000 units, which are set to be fulfilled over the next four months. It aims to ramp up production capacity to 10,000 units/month together for Harley Davidson and Karizma.
We raise our FY24/25E earnings per share estimate by ~7%/5% to factor in for better product mix and higher other income.
We reiterate our 'Buy' rating on the stock with a target price of Rs 3,850 (16 times September-25E EPS plus Rs 226/Rs 116 for Hero FinCorp/Ather after a 20% holding company discount).
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